The Bermuda Triangle

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I've been doing a lot of work with the printed media of late on both sides of the Atlantic. A couple published last week. This one was for the Wall Street Journal and concerns its Bermuda operations that are estimated to have saved it $1.5 billion in tax over ten years, basically by shifting the location in which patents are registered. I am firmly of the view that this is unacceptable tax avoidance.

I also did some work for the Dow Jones Newswire on a story on offshore activity by oil companies. I love the claim in this that oil companies such as Shell, BP and Total use offshore locations such as Bermuda, the Cayman Islands and the BVI because "they follow the English legal model" and not for tax reasons.

They might have noticed that England follows that legal model as well. So why not register in the UK? The explanation is obvious. Whatever these companies say, tax is the only reason why they register offshore, the rest is just waffle (to put it nicely).

Both stories are reproduced as emails sent to me by the journalists I work with. I'm satisfied that resolves copyright issues.


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